Preliminary data from CMHC’s Fall Rental Market Survey shows that average monthly rents are still rising in Calgary and Edmonton despite fewer Canadians moving there.
In October, the vacancy rate for Calgary’s condo rental market was 4.9 per cent while the apartment building market saw a vacancy rate of 5.3 per cent.
But, as energy companies cut back on capital spending and eliminate jobs in the face of the oil slump, both cities continue to rank among the Top 5 most expensive rental markets in Canada.
According to the report, here are the most expensive condo rental markets in Canada (based on an average 2-bedroom condo):
- Toronto at $1,754 per month
- Vancouver at $1,543 per month
- Calgary at $1,522 per month (from $1,511 in October 2014)
- Edmonton at $1,461 per month (from $1,179 in October 2014)
- Ottawa at $1,330 per month
At $1,065/month, Quebec City was the least expensive of the 16 condo markets surveyed.
Meanwhile, the Top 5 most expensive apartment rental markets in Canada (based on an average 2-bedroom apartment) are as follows:
- Vancouver at $1,360 per month
- Calgary at $1,332 per month
- Toronto at $1,274 per month
- Edmonton at $1,259 per month
- Ottawa at $1,172 per month
Trois-Rivieres, Quebec, has the least expensive expensive apartment rents in the country at $581.